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Li Li v. J.C. Penney Company, Incorporated

Paid petition · United States Court of Appeals for the Fifth Circuit, No. 21-40046 · judgment February 17, 2021

Certiorari denied · April 26, 2021
Pre-decision estimate: 0% cert probability

Before the decision, well below the 4.1% base rate, with no standout signals pointing toward a grant.

Question presented

This case presents important questions of federal law and public concerns regarding approval of a sub rosa plan pursuant to Bankruptcy Code 11 U.S.C. § 363. Allowing the lower courts’ opinion to stand would permit this type of sub rosa plan hijacking Chapter 11 and patently transferring assets inequitably to continue. With growing numbers of bankruptcy cases nationwide, the opinion of this Court shall have profound implications on imposing the statutory scheme of the Bankruptcy Code on future bankruptcy cases. The questions presented are:

  1. Whether the lower courts erred in authorizing the sale of J. C. Penney’ s crown jewel assets pursuant to 11 U.S.C. § 363 under an impermissible sub rosa plan;

  2. Whether the Transactions satisfied the good faith requirement of Section 363(m);

  3. Should Li, a member of Ad Hoc Equity Committee (AHEC) be permitted to substitute the AHEC on motion and prosecute the appeal when the AHEC was unable to retain counsels to continue the appeal collectively due to professional fees.

Counsel of record

For petitioner
Li Li

For respondent
—

Case

Conference history
Distributed for 1 conference

Proceedings

  1. Apr 26 2021
    Petition DENIED.
  2. Apr 07 2021
    DISTRIBUTED for Conference of 4/23/2021.
  3. Mar 31 2021
    Waiver of right of respondent J.C. Penney Co., Inc. to respond filed.
  4. Mar 29 2021
    Waiver of J.C. Penney Co., Inc. of right to respond not accepted for filing. (March 30, 2021)
  5. Mar 15 2021
    Petition for a writ of certiorari filed. (Response due April 23, 2021)